"Middle East funds are turning
positive on Saudi Arabia's stock market because of signs that
oil prices are starting to stabilise, the latest Reuters survey
of asset managers shows.
Many fund managers became bearish on Saudi Arabia in the
past few months as the oil price plunge promised to slash the
earnings of petrochemical producers, which are heavily weighted
in the Saudi market, and triggered panic selling of overvalued
shares by local retail investors.
In the December survey, 40 percent of respondents said they
expected to cut their Saudi equity allocations in the next three
months, while 33 percent intended to raise them."
'via Blog this'